Several EU member states, including Germany and France, are calling for more flexibility in the European Union’s gas storage targets. They argue that the current requirement to have storage 90% full by November 1 each year is too rigid and risks causing price spikes and market speculation.
Germany and France are advocating for a lower, or at least more adaptable, target. This request is part of ongoing EU discussions about extending the storage goals through 2027, according to sources familiar with the matter.
The European Commission set the 90% storage target in response to the 2022 Russian invasion of Ukraine and the subsequent halt of Russian gas supplies to most EU countries. The goal was to ensure that gas storage levels would be high enough to get through the winter.
However, the strict November 1 deadline has posed problems for market participants. Officials from countries like Germany, Italy, and the Netherlands are worried that the high prices for gas during the summer months make it financially unfeasible for gas companies to store enough gas.
Among the countries seeking more flexibility are the Netherlands, Slovakia, and Hungary, who want a 10% buffer to meet the 90% storage target by November 1, sources said.
Poland, which holds the rotating EU presidency in the first half of the year, has suggested a broader window for storage, proposing a range from October 1 to December 1 for meeting the target.
A spokesperson for the German government told Bloomberg, “We support less rigid storage level requirements.” The goal, they said, is to ease the pressure on gas storage facilities and help normalize market conditions.
As Europe faces a faster-than-usual depletion of its gas storage due to a cold winter, the summer refill season brings challenges related to availability, prices, and the high costs of additional LNG imports.
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